By Judy Szablak
Special to WestportNow
Newly-built homes comprise almost 25 percent of the available homes for sale in Westport and are responsible for 18 percent of the sales over the last year.
Featured Home: This home on 134 Hillspoint Road is listed at $1.75 million. (CLICK TO ENLARGE) Photo courtesy of William Raveis/Westport
More significantly, that 18 percent contributes quite significantly to our overall average sale price in town.
Pre-existing homes have sold on average for just over $1.35 million, while homes built after 2014 are averaging nearly $2.49 million.
Sometimes, we lose sight of the fact that these new construction homes help our overall market on a meaningful basis.
Both the pre-existing housing price average as well as our new construction figures have also given our entry level homes a boost.
Given those facts, homes priced under $1 million, and certain home styles have also benefited. Over the last year, the demand for ranch homes has outweighed their respective inventory by a large margin.
Twenty eight single-level homes were reported as sold with an average price of $830,446, and as of this writing there are only 11 available for sale.
Cape-style homes also have a favorable seller ratio, with 43 sales per the past year that averaged $838,210. Just 24 are on the market today.
Although it may appear that one has nothing to do with the other, it all truly comes full circle. The supply and demand ratios for entry level homes favor the seller, and help to create momentum for the higher ranges.
Market Stats
There are now 296 homes actively on the market and have been listed for an average of 146 days, with a cumulative market time of 254 days.
The average list price is $2,253,420 and the median price remains at $1,739,000.
A home on Beachside Avenue is the highest priced property for sale at $32 million, and the lowest available priced single family is a five-bedroom cape on Ferry Lane East for $299,900.
Due to the holiday week, just four new listings came on the market in the last seven days, and one property came back on the market after being under deposit, or temporarily withdrawn. However, 10 properties had a price change.
Five properties have gone under the initial deposit stage, which we call CTS, and another three properties went into pending status, which means that the conditions have been satisfied, and the property is scheduled to close.
The average price of those three pending properties was $1,307,167. There are currently 21 homes in CTS status throughout Westport, and another 33 properties scheduled to close town-wide, with an average price of $1,364,388.
Closings: There were five single-family homes reported as sold in the last week, and they were listed on average at $2,502,980 with an average market time of 97 days. There were 40 status changes in the last seven days.
Condos: There are 12 condominiums that are available, and they have been listed an average of 101 days. Their average listing price is $619,667 and the median price is $587,000.
The highest priced condo in town is listed at $1,150,000 and is a three-bedroom home at Regents Park, and the lowest priced unit for sale is a two-bedroom home on Hills Lane for $319,000.
There were no new listings this week, and one home came back on the market. There were two price changes, and one property went under the initial stage of deposit.
One home entered pending status, and was listed at $749,000.
There are three properties town-wide that are currently in CTS status, and there are four properties scheduled to close.
No sales were reported during the last week. There were five status changes.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 67 homes or apartments available. The median price is $4,100 per month and the average price is $6,354 per month.
These year round rental opportunities have been on the market an average of 84 days.
There are 32 short-term rental opportunities that are available, and they have been on the market an average of 78 days. Their average price is $9,141 and the median price is $4,925.
Please note that seasonal rental prices are sometimes listed as an aggregate price for the season, or they can be listed as per the monthly rental cost.
Source: Market Data is compiled from the GFC-CMLS and represents activity through our local MLS system. Private sales are not included in these statistics.
Featured Home
This home on 134 Hillspoint Road is listed at $1.75 million.
This custom built five- to six-bedroom colonial is just steps to Compo Beach, has a wonderfully flexible floor plan, and four finished levels of superbly designed space.
Featured in East Coast Home & Design Magazine, this handsome 15-room home is just 10 years young, however every square inch of its 5,417-square feet of living area looks and feels nearly brand new.
The grand two-story entrance has specialty mill-work, and perimeter walnut inlaid hardwood flooring.
The living room is to your left, and has a finely coffered ceiling, crown molding, and a fireplace with marble surround.
The formal dining room also has custom trim-work, including picture frame wainscoting and crown molding.
A state-of-the-art gourmet kitchen has granite counters with a custom neutral mosaic incorporated into a tumbled marble back-splash.
Stainless steel appliances include a Viking six-burner cook-top, and Sub Zero refrigerator. A contrasting center island seats three, and French doors lead out to the 354-square foot deck from the breakfast area.
Custom milled columns alongside a half-wall creates a wonderful visual flow via the pass-through opening that separates the breakfast area from the family room, which has another fireplace.
There is also a stunning custom milled Cherry office with a coffered ceiling, and extensive built-ins.
Upstairs, the entire left wing of the home is occupied by the master bedroom suite, which includes a sitting room with fireplace, a massive walk-in closet, and a sumptuous marble bath with shower, tub, dual vanities and water closet.
A private covered balcony overlooks the level and scenic one-acre property with mature landscaping, beautiful gunite heated swimming pool and spa.
Five additional bedrooms occupy the remainder of this level. Two are en suite, and two share a Jack and Jill style bathroom.The largest of the bedrooms could also easily double as a second floor recreation room.
The third floor has a 39-foot long playroom has a full bath as well as four large storage closets, and can be easily converted to nanny quarters if needed.
The lower level has a temperature-controlled wine cellar, a gym with Shoji screen doors, expansive media room, with plenty of room left over for more storage.
School—Greens Farms, Bedford, Staples
Extras and items to note – Six bedrooms, five full and one-half baths, two fireplaces, screened porch, 9-foot ceilings on all levels, audio system, security system, three car garage, natural gas, public water and sewer, heated gunite pool and 10-person spa, electric gated perimeter stone and New England picket fence.
Annual taxes are $24,579.
Listing/photo courtesy of William Raveis/Westport.
(Editor’s Note: Judy Szablak of Coldwell Banker Westport – Riverside, Fairfield County CT Realtor since 1984 is author of “The Art of Buying or Selling a Home,” and featured on HGTV’s real estate show, “Desperate to Buy.” Email .(JavaScript must be enabled to view this email address) or visit her online at http://www.CThomesAndRealEstate.com.
